[September 02, 2020: This press release was updated to remove a maximum amount]
Fastest Marketplace Lender to Reach Milestone
SoFi, the nation’s second largest marketplace lender, announced today it has funded $3 billion in loans in the past three years. The first company to offer refinancing of both federal and private student loans, SoFi is now the largest provider of student loan refinancing in the U.S. The company has since expanded into mortgages, mortgage refinancing, and personal loans in selected states. SoFi, the only marketplace lender to be recognized as a 2015 CNBC Disruptor 50, is reimagining financial services for high achieving professionals.
To reach its $3 billion milestone the company reported that more than $1 billion of loans were funded in Q2, 2015 alone. Highlights include:
– The most extensive student loan refinancing program for undergraduate and graduate degree holders of more than 2,200 schools throughout the nation
– Differentiated mortgages for as little as 10% down, along with a first-of-its-kind mobile mortgage experience in selected states
– Strong response to its range of personal loans, available from $10,000 to $100,000 with both fixed and variable interest rates
– Increasing demand for parent PLUS refinancing offerings
SoFi member benefits are growing commensurate with its loan volume. To date, SoFi has helped over 100 members get re-employed after losing their jobs, and has assisted more than 1,000 members with career coaching and support. In addition, more than 30 company founders have graduated from SoFi’s Entrepreneur program, which helps to ensure that student loan debt doesn’t impede entrepreneurship.
“It’s rewarding to see our model scale and support the financial goals of our members across their lifetimes,” said Mike Cagney, SoFi co-founder and CEO. “Our lending milestone is a testament to our ability to meet the needs of high achieving professionals who have been repeatedly overlooked by traditional financial institutions. We’re thrilled that the SoFi experience – our products, technology, low rates and exceptional service – continue to be unmatched.”
The news comes on the heels of SoFi’s fifth securitization, which was the largest and highest rated for a marketplace lender to date.